📣Calling all BTC enthusiasts! Brace yourselves for a wild ride! 🎢 Bitcoin's price has taken a nosedive, tumbling from the lofty $70K heights and is now flirting with the crucial $60K support level. 📉

The daily chart paints a grim picture, with BTC in a downward spiral since early June after a harsh rejection from the $72K zone. The 200-day moving average hovers around $58K, making a break below $60K a potential gateway to a retest of this average. 📊

The 4-hour chart isn't any rosier. The falling wedge pattern has been shattered, and BTC is hurtling towards the $60K support zone. The Relative Strength Index is also in freefall, currently languishing below 30%. But hey, every cloud has a silver lining! BTC is oversold on the 4-hour timeframe, making a short-term rebound or consolidation at $60K a possibility. 🤞

But what if the market plunges further? Well, the $58K support zone is the next stop. 🚦

On-chain analysis reveals that while BTC's price has dwindled, many market players are watching their unrealized profits evaporate. Some have cashed in their profits and exited the market to avoid losses. The Bitcoin Short-Term Holder SOPR, which shows the profit and loss ratio, is also on a downward trajectory, mirroring the BTC price. If the market dips below $60K, short-term holders could face losses. 😱

But don't lose hope! This also happens during the lows of a bull market. If the bull market is still alive and kicking, we could be very close to the bottom. So, keep your eyes peeled for the next move! 👀